Don't Buy Gold as a Long Term Investment

Look, Jim Cramer on CNBC is wrong about gold as a long term investment. On Friday, November 11th, he broadcast that you should put 10% of your portfolio into gold. Don't put 10% of your portfolio into gold or precious metals! Gold is a terrible long term investment. Never even dream of rolling an IRA into Gold! Instead, put about 1% of your entire portfolio into gold, if it will help you sleep at night. Gold mining operations are trying to bring as much gold to market as possible. The price of gold is going to crash when speculators decide it is time to cash in; you'll be stuck for the rest your lifetime waiting for gold speculators to drive the price up again. Of course, I'm just guessing because I passed macroeconomics and lived through the 1980's...